Sunday, 24 September 2023 11:42 GMT

EV Maker Lucid's Q1 Deliveries Fall Short Of Expectations

(MENAFN- EV Maker Lucid's Q1 Deliveries Fall Short Of Expectations

Lucid Group (LCID) delivered 1,406 of its luxury electric vehicles during this year's first quarter, which was 30% fewer than Wall Street analysts had expected.

In all, Lucid produced 2,314 of its Air electric sedans in Q1 but delivered far fewer than were made in a sign of weakening demand.

Wall Street analysts polled by FactSet had expected Lucid to deliver 2,000 of its electric vehicles in Q1.

In February, Lucid Group downgraded its production target for this year to 10,000 to 14,000 of its Air vehicles.

At that time, Lucid chief executive officer (CEO) Peter Rawlinson said that too few consumers are aware of the company's electric sedan.

Another issue might be price as a base model Lucid Air sells in America for more than $85,000 U.S.

In March, Lucid cut 1,300 staff or about 18% of its workforce. The company is scheduled to report its first-quarter earnings on May 8.

Lucid Group's stock has declined 60% in the last 12 months to $8.25 U.S. per share.


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